More Tips for Successful
Patent Management

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A Concerted Effort

If you follow our blog, then by now you know that managing a patent portfolio is a full-time job that involves many different factors every step of the way. In order to truly manage a portfolio effectively, you have to consider every factor and be sure that you are implementing all the necessary parts. From developing your portfolio to managing it and monetizing it, it is a long process that requires sounds practices, forward-thinking, planning and a strong team of experts that work together to get the most out of a given portfolio. Being able to successfully manage and operate a patent portfolio can be the difference in whether or not a company is successful, particularly when it comes to their IP.

Your Patent Strategy Matters

So what kinds of players do you need if you want your IP to work for you? Many companies have patent or IP attorneys that work in-house. While this is a good step for most companies, that doesn’t mean your IP department is complete. A strong patent operation requires several key components each working together to create a smooth and successful operation. One of the important roles that you need to consider is someone who can develop, implement and manage an effective patent strategy. This person has to have a strong understanding of your portfolio and which patents are the best bets for monetization. This person should also be able to determine which patents could be prosecuted and litigated and have a general understanding and expertise of the patent atmosphere.

Financing Help

Because the patent world has changed so much in the past few years it is getting more difficult for a lot of small companies and individuals to obtain, hold onto, and defend their patents. The cost to litigate can simply be too high for many patent holders and fewer and fewer law firms are willing to work on a contingency basis. One option is to hire or source a patent financier who pays the cost of litigation but collects the damages of any are awarded. However, it’s important to be sure that you understand the exact agreement you’re entering into before doing this, as not all financiers are alike.

Patent Dealing

Patents can be valuable assets, but they can also be very costly. That’s why it’s important to have someone who can precisely determine a patent’s true valuation, including how much potential it has to make money from litigation or prosecution. It takes a solid understanding of patent dealing to be sure that you monetize them appropriately. Even strong patents can be wasted if the right deals are not made. When it comes to patent purchases or licenses, many times it all comes down to who has leverage over who. If your company has patent rights that another company needs, then you need to make the right licensing deals to ensure you’re getting fair value for the use of your patent. Likewise, while a lump sum payment could make for a nice windfall, it could also cost you a lot of potential money in the long run from lost royalties. Thus, it’s imperative that you make the right deals at the right time, with the right partners.

IPTrader Finds the Right Deal

At IPTrader we can help you make the right IP deals for you or your company. We’ll help you identify the right purchasers or licensors and work to get the best deal possible to meet your expectations. Please contact us if you want to monetize your IP. Click here to get in touch with us and learn more.